核心产品承压、收购失利，南新制药前三季度亏损持续扩大

Core Viewpoint - Hunan Nanxin Pharmaceutical Co., Ltd. reported a significant decline in revenue and increasing net losses for the first three quarters of 2025, attributed to intensified market competition and reduced influenza cases [1][2]. Financial Performance - For the first three quarters of 2025, Nanxin Pharmaceutical achieved total revenue of 83.15 million yuan, a year-on-year decrease of 66.89% [1] - The net loss attributable to shareholders was 68.63 million yuan, compared to a loss of 57.22 million yuan in the same period last year [1] - Historical revenue from 2020 to 2024 shows a downward trend, with revenues of 1.03 billion yuan in 2020, dropping to 263 million yuan in 2024 [1] Product Competition - The core product, Palivizumab Sodium Injection, faces increased competition as multiple competitors have entered the market, leading to a significant drop in sales [2] - The company has implemented a price reduction strategy, lowering the price of Palivizumab Sodium Injection by 43.51% in 2023 to maintain market share [2] Acquisition Attempts - In August 2025, Nanxin Pharmaceutical announced plans to acquire assets from Future Pharmaceutical for up to 480 million yuan, aiming to diversify its product line [4] - The acquisition was intended to enhance the company's product matrix and provide short-term revenue growth, but it was terminated on September 30 due to failure to agree on key terms [4] Regulatory and Internal Challenges - The company faces challenges related to weak financial internal controls and regulatory investigations, including a notice from the China Securities Regulatory Commission regarding potential violations of information disclosure [5] - A prior accounting error led to a revenue adjustment of 24.54 million yuan for 2023, highlighting internal control weaknesses [5]